How an unchanged financial system and credit stresses will prove problematic in the next year

Happy Tuesday! In the US, the summer holiday season is officially over today. And so, markets here are fully re-engaged. That usually means a reassessment of the economic, political, and investing landscape. And that has sometimes led to volatility. Below are some of the things on my mind as this Fall begins.
1 - Martin Wolf on the unchanged financial system
Let's start off this week with a review of the excellent Martin Wolf piece in the Financial Times about what policy makers have achieved since the financial crisis. What Martin says is that the goal of policy was rescue: "stabilise the financial system and restore demand." There was no aim at making fundamental changes to the macroeconomic architecture.

And indeed, there have been no changes. There has been a little regulatory twe...

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